Bitcoin investors unimpressed with Kerrisdale Capital report on Riot Platforms
Kerrisdale Capital’s Sahm Adrangi , who has been earning something of a reputation in the crypto industry, has short-sold Riot Platforms (NASDAQ:RIOT). RIOT was trading at $9.85 per share when Adrangi tweeted a couple minutes prior to NASDAQ’s 9:30am open. Within an hour, it had dropped 10% to $8.84. The move seemed to vindicate the privileged, Miami Beach-based fund manager, whose aggressive media appearances have given the crypto community little reason to support him. Indeed, until now, he’s perhaps best known for making a few million dollars flipping a mansion and getting arrested at 3am in the Hamptons on charges of driving while drunk and high on cocaine. Adrangi’s initial capital came mostly from his family, with a New York Magazine profile revealing that he started in 2009 with “ $300,000 of his and his parents’ money .” On Wednesday, he equated his unremarkable stock trade to “a war against bitcoin miners” and called the workers who secure the world’s most imp...